Staying on top of everything related to your business is really hard work, as you have to stay one step ahead of everything. One small miscalculation can throw a wrench in your operations and cause losses. This is particularly true when it comes to finances and financial management; an oversight or a poor financial decision could have long-term implications.
That’s why your business needs a reliable accountant, as they ensure financial accuracy, compliance, budgeting, adequate financial reporting and analysis, and overall financial health of your business, which makes a NetSuite accountant a crucial player in this particular game.
In this particular guide, we will provide you with five reasons why you need to hire an outsourced NetSuite accountant for your business finances.
Before we dive into all the reasons why you should hire a NetSuite accountant, let’s take a moment to discuss NetSuite accounting and its importance for your business.
NetSuite is a leading integrated cloud business software suite that helps businesses manage their financials, operations, and customer relationships through features such as accounting, CRM, inventory management, and much, much more. Its comprehensive nature allows businesses to consolidate all their operations, including finances, into a single, cloud-based platform.
NetSuite's scalable architecture also makes it an ideal choice for businesses at different stages of growth, seamlessly adapting to their evolving needs. This allows businesses to enhance their efficiency and gain real-time insight into their financial performance. However, using NetSuite requires more than just a basic understanding of accounting principles. It demands specialized knowledge to navigate and use the software suite effectively, and this is where outsourced NetSuite accountants come in.
NetSuite accountants are professional accountants with NetSuite expertise who can use the software suite to ensure that your business keeps pace with its financial responsibilities and makes data-driven strategic decisions.
There are numerous benefits from hiring a NetSuite accountant, but most companies decide to hire a NetSuite accountant or a NetSuite accounting service due to their cost-effectiveness and efficiency. Here are five main reasons for hiring a NetSuite accountant:
NetSuite cloud accounting software simplifies the process of recording transactions, managing account receivables and account payables, making timely and accurate reporting, and exerting greater control of financial assets. It also enables real-time access to financial data and insight into various financial metrics, such as profitability, inventory margins, fixed assets, and cash positions.
However, understanding these features and knowing how to leverage them to your business benefits requires more than knowledge of accounting principles; it also requires expertise and extensive knowledge of the software’s functions. In other words, certified NetSuite accountants are not just proficient at accounting but also at configuring and customizing the NetSuite platform to suit your business needs.
This includes a wide range of customizations and configurations, ranging from setting up a financial dashboard to partial or complete automation of more complex workflows, which allows NetSuite accountants to streamline financial management and enable you to focus on growth and profitability.
NetSuite is a robust software suite that offers a wide range of options and integrations for small-to-mid sized businesses (especially those that do business globally), including powerful reporting and analysis tools. However, due to NetSuite having so many different customizable options, the software suite is often quite overwhelming to new users, which further underscores the need for a specialized NetSuite accountant.
Customized reporting and analysis allow accountants to derive all the relevant financial data and offer additional deep-dive insights generic reports simply can’t provide. Even companies that have a solid grasp on their finances in terms of profitability might lack insight into margin variances across different sales channels. Granular financial data analysis provided by the NetSuite accountant can help companies make better data-driven decisions that would increase their profitability.
Every business has unique needs when it comes to finance, and there’s really no “one size fits all” approach to accounting, especially for enterprise level businesses. However, a NetSuite accountant can customize the software suite to fit your specific needs, particularly when it comes to generating financial reports, conducting analysis, and providing real-time insight into finances.
One of the most significant challenges in corporate finance is compliance with regulatory requirements. The core of that challenge lies in the fact that financial regulations constantly change, which makes compliance a moving target for many businesses if not all.
As laws and regulations surrounding business finances change, businesses must adapt and amend their financial operations to adhere to these new requirements.
However, hiring a NetSuite accountant solves those issues. NetSuite accountants are well-versed in the latest accounting standards and regulations, which ensures that your financial operations remain compliant. Their intimate knowledge of the platform also allows them to easily make adjustments to the software suite to reflect the regulatory changes and stay compliant.
Their expertise in accounting, paired with their expertise in using NetSuite accounting features and functions, makes NetSuite accountants a well-rounded choice for any business looking to increase its efficiency, mitigate risks, and keep its operations, including finances, on the right side of the law.
As your company grows, so does the need to manage more and more aspects of your finances. NetSuite provides a comprehensive accounting solution that covers a broad spectrum of accounting operations. Most importantly, however, it also allows NetSuite-versed accountants to streamline and automate the accounting system. This real-time financial data access empowers business leaders to make informed decisions swiftly, thus allowing them to adapt to market changes with agility.
This saves plenty of time that would otherwise be spent on manual data retrieval and entry or other repetitive and time-consuming tasks that accounting teams usually perform, including processing bills and vendor invoices or making similar payments. These tasks may seem too small to warrant automation, but when there’s a large volume of data or transactions to be processed, NetSuite can save a lot of time.
Not only that, but manual processing of large volumes of data without a proper system can lead to the formation of duplicate invoicing and duplicate payments or failed detection of fraudulent activities, which can severely damage the company. All of these risks can be managed through the implementation of adequate software solutions that support automation and financial data analysis.
Automation of repetitive tasks enables your accounting team to focus more on performing in-depth data analysis and deriving insights that could significantly impact your business. Automation also enhances the overall efficiency and accuracy of your financial management while reducing the likelihood of errors ensuring access to reliable financial data.
Businesses of all sizes typically rely on hiring, developing, and maintaining in-house accounting teams to handle their financial operations. However, the costs associated with keeping an in-house accounting team extend beyond mere hiring, payrolling, and buying software licenses.
There are also costs associated with recruiting new team members, onboarding them, and providing them with employee benefits so that they can handle all the required responsibilities tied to your financial operations. The expenses quickly add up, especially if you’re a growing business with limited resources.
There are also flexibility issues; maintaining an in-house team impedes the scalability of your accounting department as demand fluctuates with seasonal, operational, or growth related changes.. Hiring an outsourced NetSuite accountant alleviates these issues, as it allows you to adjust your accounting and financial task needs according to the demand without having to worry about staffing.
It effectively eliminates the need to hire additional accounting staff when the demand is high, but also removes the need to scale your in-house team down when the demand declines.. Hiring a NetSuite accountant allows your business to remain agile and responsive to shifting demands without having to acclimate to fast-paced changes.
By relying on the services of a NetSuite accountant, you’re automating your financial operations, minimizing errors, increasing the efficiency of your business, and alleviating scalability issues, all less than the cost of maintaining an in-house accounting team.
Hiring outsourced NetSuite accountants offers numerous benefits and alleviates numerous issues associated with financial operations in modern businesses, particularly the lack of agility and the costs associated with developing and maintaining an in-house accounting team.
If you’re interested in upgrading your financial operations through the use of accounting outsourcing, contact ScaleNorth. ScaleNorth is a premier NetSuite Solutions Provider and outsourced accounting partner that aims to alleviate the hurdles and bottlenecks that businesses face through the strategic implementation of technological infrastructure and fractional accountants.
